UPDATE: FBN Securities Downgrades OCZ Technology to Sector Perform
FBN Securities downgrades OCZ Technology (NASDAQ: OCZ) from an Outperform to a Sector Perform rating and lowers its price target from $9 to $6.
FBN Securities remarks, “We are downgrading shares of OCZ from Outperform to Sector Perform and lowering our PT from $9 to $6. The company had a revenue miss ($114M vs. $116M consensus), but the miss (and then some) were ascribed to a temporary shortage of power regulators late in the quarter. Without the shortage, revenue could have been as high as $140M (which was the bookings number), but then the revenue guidance could have been perhaps $26M lower. The quality of the report was quite weak.”
OCZ Technology closed at $5.45 on Tuesday.
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